從私募股權宣告效果探討宣告公司,投資公司及對手公司的股價反應

The Effects Of Private Equity Placement On Issuers, Investors, And Rivals

黃聖傑(Sheng-Jie Huang)

指導教授 ： 鄭揚耀

國立中正大學/管理學院/財務金融學系/碩士(2012年)

並列摘要

In this paper, we analyze the announcement effect of private equity placements on issuers, investors and rivals. We find that announcing firms experience positive and significant abnormal returns during the announcement period, which imply that issuing firms are undervalued and investing firms also gain small but significantly positive abnormal returns. We find that investors’ stock price reactions are significantly positive related to the issuers’. Furthermore, we find that rival firms experience significantly positive abnormal returns during the announcements of their industry counterparts. We find that no matter what the purpose of private placement is, the contagion effect dominates the competitive effect. Consistent with previous literatures, the contagion effect is stronger in industries with a low degree of competition than in industries with a high degree of competition.

並列關鍵字

Private equity placement ； Event study ； Intra-Industry effect ； Contagion effect ； Competitive effect

參考文獻

1.Akhigbe, Aigbe, and Jeff Madura. "Intra-Industry Signals Embedded in Bank Acquisition Announcements." Journal of Banking & Finance 23, no. 11 (1999): 1637-54.

2.Akhigbe, Aigbe, and Anna D. Martin. "Information-Signaling and Competitive Effects of Foreign Acquisitions in the Us." Journal of Banking & Finance 24, no. 8 (2000): 1307-21.

3.Akhigbe, Aigbe, and Jeff Madura. "Intra-Industry Signals Resulting from Insurance Company Mergers." The Journal of Risk and Insurance 68, no. 3 (2001): 489-505.

4.Baginski, Stephen P. "Intraindustry Information Transfers Associated with Management Forecasts of Earnings." Journal of Accounting Research 25, no. 2 (1987): 196-216.

6.Beja, Avraham. "On Systematic and Unsystematic Components of Financial Risk." The Journal of Finance 27, no. 1 (1972): 37-45.